Ocean Sky JV snaps Cairnhills Heights for $72.6m

The site may be developed for residential purposes which could house 42 units.

An indirect joint venture company by Ocean Sky (40%) and Tiong Seng (60%), TSky Development, has entered into a deal to acquire residential development Cairnhill Heights for $72.6m.

With a 1431,4 sqm site area, Cairnhill Heights is located at the heart of prime district 9. The site can be redeveloepd for residential purposes which can house about 42 units.

The group plans to finance the acquisition via internal resources and bank borrowings. The tender was launched in Dec 19 last year and closed on Jan 19.

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